F E AT U R E
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Family Thoughtful succession planning helps protect both the business and the family relationships behind it. By Emily Bertram
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usiness ownership is a complicated thing, and for more than a quarter of U.S. businesses, it’s a family affair. Many St. Cloud area companies share that story. A quick look at the St. Cloud Area Chamber's membership shows nearly 10 percent are at least second-generation family-owned businesses. But keeping a business in the family takes planning. The Small Business Administration estimates only 30 percent survive into the second generation, 12 percent into the third, and just three percent into the fourth and beyond. Doug Cook, owner of Headwaters Strategic Succession Consulting, is a certified exit planning advisor. He recommends that businesses begin the succession planning conversation at least five years before a transition. “This gives families the flexibility to develop future leaders, implement gifting and tax strategies, strengthen business value, prepare the next generation, and make thoughtful decisions rather than rushed ones,” he said. When transferring ownership of a business, Cook encourages owners to avoid assumptions. “The conversation should start early by making it clear that it’s okay if a child doesn't want to
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be involved in the business,” Cook said. “They shouldn’t feel obligated to join simply because it’s the family business.”
Switching Hands Trobec’s Bus Service has been part of Becca Atkinson’s and Bethany Bertram’s life for as long as they can remember. The sisters took over ownership of Trobec’s Bus Service from their father in 2025. “Over time, our responsibilities grew, and so did our connection to the company, our employees, and the communities we serve,” Bertram said. “Eventually, we realized that we did not simply want to work in the family business, we wanted to help shape its future.” Jim Ferkinhoff started East Side Glass in 1953, and his son Dave took over about 25 years later. In 2018, Dave sold the business to his children Luke Ferkinhoff, Andy Ferkinhoff and Laura Hutt. At first, Dave was nervous about handing over all of the responsibilities to the third generation. After retiring, Dave initially continued coming into the office and getting involved in projects. After about six months, the siblings encouraged him to fully step away so they could lead. “Once he did that, he never
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looked back,” Luke Ferkinhoff said. This stutter-step in transition is not abnormal, according to Headwaters’ Cook. “One of the hardest conversations is determining when the current generation truly needs to step aside,” he said. “Many successors are capable and eager to lead but become frustrated when they're given responsibility without the authority to make meaningful decisions.” It can also be hard for founders to let go, because the business has been such a significant part of their identity, which is why Cook stresses the importance of a realistic timeline and the discipline to follow through with it. “A successful transition requires more than transferring ownership,” he said. “It also requires intentionally transferring authority, accountability, and trust.”
Adjusting Leaders During an ownership transition, the previous generation is learning to step back while the next generation is learning to fully step forward. “The next generation should be given meaningful responsibility well before ownership changes,” Trobec’s Bertram said. “They need opportunities to make decisions, learn from mistakes, build